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scenario has been we're going off the cliff. we said that the day after the election, we standby it today. if you do that, you're talking about the largest tax increase in our country's history, a considerable amount of spending cuts, and in the short-term, probably hit the stock prices on the order of 10%. >> if i give you a cliff deal. okay. i'm going to give you a cliff deal for middle class extensions, 250,000, you're right the top rates will go up. but if you get that deal in january, that does save us from the recession scenario, the really deep gloom scenario. >> this is the big debate. our view has been if you get a deal fairly quickly in the new year, it's hardly the end of the world. the question really or the debate really accelerates if you start getting closer to january 15th or ultimately the inauguration. do you do more serious damage to the economy that makes it more difficult to recover? >> they can withhold changing the withholding rates. i know that. >> sure. listen, the president and the treasury secretary has enormous leeway on january 15th, which presumably is everyb
won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people who are looking for a deal and looking for a deal by december 31, all hope is not lost. it is not looking good at the moment. >> let's go back to this hitting the debt ceiling on monday. we learned of this because treasury secretary tim good night mother sent a letter to the honorable harry reid majority leader. and that's where he outline it is fact that in three business days, the summit government is going to run out of borrowing capacity. john, if there were a treasurer in a business who went to their boss and said by the way, three business days, the working capital account dies and as a result, you are not
. furthermore, michelle, after the election this past november where you rightly say -- but so did a majority in the house of representatives as republicans we have a responsibility to stay true to our principles john boehner said to the president you what? you won, but so did we and so we'll meet you half way. you said you wanted to raise taxes and generate $800 billion in revenue over ten years and we'll give you the revenue and we'll give you exactly what you want which is 800 billion in revenue, but let's make good on the campaign pledge which is $3 in cuts for every $1 in revenue and president obama didn't meet us half way and he didn't only offer $2.4 billion in cuts and he wanted twice the revenue. he said 800 billion is what he said during the election. >> and 6 trillion. >> yeah. >> spending is not the problem. >> no, i agree with you. >> i'm sorry. >> revenue is not the problem. >> yeah. >> it's been a long week, hasn't it? >> good luck on sunday, let's see what happens and we'll have you back afterward and see what's going on. >> let's get the market reaction. eamon hinted at this,
Search Results 0 to 2 of about 3